AMP listed property put on hold
Research housevan Eykhas put a hold onAMP’slisted property trust (LPT) capabilities in the wake of a reshuffle of staff in the funds management giant’s listed property team.
AMP recently announced the appointment of Brett Ward as the new head of the listed property team, while former acting head of the team, Rob Inglis, will go back to concentrating on heading up the Australian shares capital team.
Ward has been in the LPT team at AMP since 1999, serving as senior portfolio manager. He joined AMP Henderson Global Investors after a stint at Deutsche Bank Property Group. Prior to this, he worked for BT Funds Management’s property team.
Working under Ward will be analysts Hien Tan and Rob Pepicelli.
Van Eyk analyst Rashmi Mehrotra says the hold was put on AMP partly in response to the management changes, and partly for other concerns.
“Our research suggests that AMP could have too many funds under management in LPTs to add significant value. The hold notice is precautionary until we do a study into it.”
She says AMP has $2 billion in funds under management in LPTs, more than 5 per cent of the market.
Mehrotra says the last research report on the team was conducted 18 months ago, and with the management restructure, it is in need of updating.
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